EURUSD Taking A Retracement Dip

EURUSD seems to be taking the retracement dip and that retracement to go towards 1.4375 level before EURUSD can resume its upward trend. In case the retracement is extended by EURUSD below 1.4375 level, then 1.4285 will come into consideration. The 1.4285 level is an important level not only for intra-day traders but the long term traders will also be interest in that level as that is at the bottom of the upward channel. The medium term moving average is also around 1.4250 level and it seems that it will maximum take a dip toward it and resume upward trend.

On the upper side, the initial target can be seen around 1.4520 level and once EURUSD have enough momentum to break above that level, then 1.4585 level will come into play and that is the level that the long term traders will also be looking at.

The thing that seems to be pushing EURUSD down at the moment is the high value of RSI which is currently around 65 level which have opened up after the current dip. The RSI will be pushing EURUSD further downwards toward 1.4375 and then towards 1.4285 level.

In general the upward trend seems to stay there but over-bought indications are there which will open up with further retracement and then EURUSD will look to resume the upward trend.

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